REG - Athelney Trust plc - Net Asset Value(s)

Athelney TrustAnnouncement

02/09/2025 09:15

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RNS Number : 6444X  Athelney Trust PLC  02 September 2025

 

Athelney Trust PLC

 

Legal Entity Identifier:

213800ON67TJC7F4DL05

The unaudited net asset value of Athelney Trust was 183.6p at 31 August 2025.

Fund Manager's comment for August 2025

In the US, growth rebounded in August with Q2 GDP rising 3.3% annualised after
a 0.5% Q1 contraction. The upgrade from 3.0% reflected stronger investment and
consumer spending, partly offset by softer government outlays and higher
imports. Headline CPI held steady at 2.7% in July, while core inflation rose
to 3.1% which resulted in the Fed keeping rates at 4.25-4.50% for a fifth
meeting.

Europe grew slower in Q2, with GDP rising just 0.1% quarter-on-quarter after
increasing by 0.6% in Q1, its weakest pace since late 2023. The moderation
reflects earlier activity pulled forward by tariff concerns and lingering
uncertainty around US trade policy. Performance varied with Germany and Italy
contracting with France, Spain and several smaller economies improving.
Inflation remained on target at 2.0% in July, with core inflation at 2.3%.
Against this backdrop, the ECB kept its policy rates unchanged, signalling a
wait-and-see approach after eight rate cuts.

UK growth moderated but beat forecasts in Q2 2025, with GDP up 0.3% in Q2
after a 0.7% rise in Q1. The BoE delivered a 25bp cut to 4.0%, signalling
gradual, data-dependent easing. August PMIs underlined a two-speed UK economy.
On the one hand, manufacturing output fell as weak new orders met subdued
global demand amid tariff uncertainty with firms reporting faster input cost
growth and logistics bottlenecks. Services told a different story with the PMI
rising for the fourth straight month and the fastest in a year, fuelled by
renewed new orders at home and abroad. Investors, however, are concerned about
the UK's fiscal outlook, and this is reflected in the 30-year gilt yield
reaching 5.6%, the highest since the late 1990s.

Global equity markets continued to demonstrate resilience in August, with
steady gains. The MSCI World Index rose 2.49%, supported by broad based
strength across developed markets. In the US, the S&P 500 advanced 1.91%
and the Nasdaq up by 1.58%, reflecting sustained investor interest in
technology and growth-oriented sectors. Closer to home, large-cap UK equities
also delivered positive returns, with the FTSE 100 rising 0.60%. The impact of
the recent surge in 30-year gilt yields, which tends to compress equity
multiples, especially for smaller companies, was felt by the FTSE 250 and
Small Cap indices, which posted negative returns of −1.63% and −2.34%
respectively.

In line with broader UK small caps, our NAV total return fell by 2.81% net of
fees and expenses. We added to our positions in Auto Trader, Cake Box
Holdings, PayPoint and Spectra Systems, businesses we believe combine good
economics with sensible prices. We reduced our holding in S&U and exited
Alpha Group after it received a takeover offer from US-based Corpay.

During the month, YouGov issued a full year trading update indicating FY25
performance was in line with expectations, with Data Products supported by
stable renewals and new customer wins. Other portfolio holdings, including
FeverTree, Impax, PayPoint and Rightmove, continued share repurchases which,
when done below intrinsic value raise our share of future earnings. The
largest contributors to performance were S&U plc, Treatt plc and YouGov,
all rising over 5%. Detractors from performance included AEWU REIT, Fever-Tree
Drinks and Games Workshop.

 

Fact Sheet

An accompanying fact sheet which includes the information above as well as
wider details on the portfolio can be found on the Fund's website
www.athelneytrust.co.uk (http://www.athelneytrust.co.uk) under "About" then
select "Latest Monthly Fact Sheet".

Background Information

Dr. Emmanuel (Manny) Pohl AM

Manny is Chairman and Chief Investment Officer of E C Pohl & Co ("ECP"),
an investment management company and has been a major shareholder in Athelney
trust for many years.

E C Pohl & co is licensed by the Australian Financial services (license
no.421704).

www.ecpohl.com (http://www.ecpohl.com)

www.ecpam.com (http://ecpam.com/)

Manny Pohl and the ECP group has AUD2.7bn (£1.5 billion) under its management
including four listed investment companies, three listed in Australia and one
in the UK:

·     Flagship Investments (ASX code:FSI)

 https://flagshipinvestments.com.au (https://flagshipinvestments.com.au)

·     ECP Emerging Growth (ASX code: ECP)

 https://ecpam.com/emerging (https://ecpam.com/emerging)

·     Global Masters Fund Limited (ASX code: GFL)

 www.globalmastersfund.com.au (http://www.globalmastersfund.com.au)

·     Athelney Trust plc (LSE code: ATY)

 www.athelneytrust.co.uk (http://www.athelneytrust.co.uk)
 

Athelney Trust plc Investment Policy

 The investment objective of the Trust is to provide shareholders with
prospects of long-term capital growth with the risks inherent in small cap
investment minimised through a spread of holdings in quality small cap
companies that operate in various industries and sectors. The Fund Manager
also considers that it is important to maintain a progressive dividend record.

The assets of the Trust are allocated predominantly to companies with either a
full listing on the London Stock Exchange or a trading facility on AIM or
ISDX. The assets of the Trust have been allocated in two main ways: first, to
the shares of those companies which have grown steadily over the years in
terms of profits and dividends but, despite this progress, the market rating
is favourable when compared to future earnings and dividends; second, to those
companies whose shares are standing at a favourable level compared with the
value of land, buildings or cash in the balance sheet.

Athelney Trust was founded in 1994. In 1996 it was one of the ten pioneer
members of the Alternative Investment Market ("AIM"). In 2008 the shares
became fully listed on the main market of the London Stock Exchange. Athelney
Trust has a successful progressive dividend growth record and the dividend has
grown every year since 2004. According to the Association of Investment
Companies (AIC) Athelney Trust is a "Dividend Hero" being one of only a few
investment companies that have increased their dividend every year for 20
years or more. See link

https://www.theaic.co.uk/income-finder/dividend-heroes
(https://www.theaic.co.uk/income-finder/dividend-heroes)

Website

www.athelneytrust.co.uk (http://www.athelneytrust.co.uk)
 

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